Armenia and Iran Cooperate on Free Trade Zones

Iran and Armenia have reportedly signed a memorandum of understanding to broaden cooperation between Iran’s Aras and Armenia’s Meghri free trade zones.

At the signing in Yerevan, the Iranian President’s Advisor and Secretary of Free Trade Zones Coordination Council, Akbar Torkan, described the Aras free trade zone is a door of cooperation between Iran, the Caucasus and the Eurasian Economic Union (EEU).

According to the report from Arka, the establishment of the free economic zone in the southern Armenian Meghri, near the border with Iran, is estimated to cost $32 million, of which $28 million is capital expenditure. The free economic zone is expected to create 2,500 new jobs and increase Armenian exports by 30 percent.